Apple Loses $60 Billion in Two Days over Reports of Weak Smartphone Demand

Apple lost over $60 billion in two days over the reports of weak smartphone demand in 2018, according to Financial Times.

The iPhone maker’s shares fell nearly 7% on Thursday and Friday after Taiwan Semiconductor, company’s biggest supplier, said in Q1 2018 earnings report that the Q2 revenues would be hit by “weak demand from the mobile sector”.

Apple wasn’t the sole affectee of the reports as they also caused the market values of several global chip manufacturers, including Qualcomm, Qorvo, Analogue Devices and Dialog Semiconductor to decline.

The global smartphone sales fell in Q4 of the last year for the first time since 2004.